Annual Compliance Calendar – Companies Act, 2013 – NIDHI LIMITED COMPANY

October 12, 2020
Company Law

Annual Compliance Calendar – Companies Act, 2013 –

NIDHI LIMITED COMPANY

BACKGROUND:

In this Flash editorial, the author begins by referring to the provisions of the Companies Act, 2013, read with all the Amendment Acts and rules mentioned there till Companies (Amendment) Act, 2019.

As per the latest amendments, Companies requirements for the compliance have been changed in comparison of the compliance requirement as on 01st April 2014 when the Companies Act, 2013, came into effect.

After the commencement of the Companies Act, 2013, from 01st April 2014,the Compliance requirement of the Companies have been increased like MSME-1, BEN-2 etc.

However, some exemptions have been granted to the Nidhi Limited Companies under the Companies Act, 2013, wide Notification No. 05.062015 and 13th June 2017.

Meaning of Nidhi Company:

Nidhi” means a Company which has been incorporated as a Nidhi with the OBJECT of

  • Cultivating the habit of thrift and
  • Savings amongst its members,
  • Receiving deposits from, and
  • Lending to, its members only, for their mutual benefit, and which complies with the rules of Chapter XXVI of the Companies Rules, 2014.

Important Features of Nidhi Limited Companies:

  1. A Nidhi Company to be incorporated under this Act shall be a Public Company.
  2. It shall have a minimum paid up equity share capital of Rs.5,00,000/-;
  3. Minimum number of members should be 200;
  4. Net owned funds shall be Rs.10,00,000/- or more (‘Net owned funds’ means the aggregate of paid up equity share capital and free reserved as reduced by the accumulated and intangible assets appearing in the last audited balance sheet);
  5. Ratio of net owned funds to deposit shall be not more than 1:20;
  6. Unencumbered term deposits of not less than 10% of the outstanding deposits  as specified in Rule 14;
  7. Section 62 is not applicable on Nidhi Companies.
ANNUAL COMPLIANCE FOR – NIDHI COMPANY:
S. No. Forms Section & Rules Particular of Compliance
QUARTER – I – APRIL TO JUNE
1. Receipt of MBP-1 184(1)

 

 Form

MBP- 1

Every Director of the Company in First Meeting of the Board of Director in each Financial Year shall disclose his interest in other entities.
 

Every Director is required to submit with the Company a fresh MBP-1, whenever there is a change in his interest from the earlier given MBP-1.

MBP-1 is not required to file with ROC.
2. Receipt of DIR- 8 164(2)

143(3)(g)

 Form

DIR – 8

 Every Director of the Company in each Financial Year will submit with the Company disclosure of non-disqualification.
3. Half Yearly Return Section 405 MSME-1

Delay in the Payment to MSME Vendor: Company have to file this return half-yearly in respect of pending payments to the MSME vendors as at end of half -year. (only for payment pending for period more than half year)

 

·       October to March     – 30th April

·       April to Sep      – 30th October

 
4. Half Yearly Return

 

 

 Rule 9A(3) PAS-6

Reconciliation of Share Capital Audit Report. Company is required to submit the reconciliation share capital Audit report with the ROC audited by a practicing Company Secretary as at end of half-year within 60 days of end of half year:

·       October to March     – 30thMay

·       April to Sep   – 29thNovember

 
5. Half Yearly Return

 

 

 Rule 21- Nidhi Rules 2014 NDH-3

Every nidhi company shall file half yearly return in e-form NDH-3 within 30 days of conclusion of half year duly certified by Company Secretary in Practice.
6. Yearly Return

 

(June)

 Section 73

Rule 16

 E-form

DPT-3

Return of Deposit: Company is required to file this form every year on or before 30th June in respect of return of Deposit and Particulars not considered as Deposit as on 31st March.
QUARTER – II – JULY TO SEPTEMBER
7. Approval of Financial Statement 134 Preparation and Approval of Financial Statement. The auditors’ report shall be attached to every financial statement
8. Directors’ Report 134 Directors’ Report shall be prepared by mentioning all the information required for the Company under Section 134 read with relevant rules and relevant provisions of other Acts.

 
It should be signed by the “Chairperson” authorized by the Board, where he is not so authorized by at least 2 Directors one of them should be MD, if there is any.

 
9. Filing of Resolution with ROC Section 117 read with 179 MGT-14 Public Company required filing this form with the ROC within 30 days of the approval of the Directors’ Report and the Financial Statement with ROC.
10. Holding of AGM 96 Every company shall in each year hold in addition to any other meetings, a general meeting as its annual general meeting.

 it shall be held within a period of six months, from the date of closing of the financial year.
11. Notice of

AGM

 101 & SS-II Every Notice of the Annual General Meeting will be prepared as per Section 101 of the Companies Act 2013 and Secretarial Standard – II.
12. Circulation of Notice of AGM 101 & SS Notice of the Annual General Meeting will be sent to all the :

·       Directors,

·       Members,

·       Auditors

·       Debenture Trustees.
13. Circulation of Financial Statement & other relevant Docs 136

Company will send to the members of the Company approved Financial Statement, Directors’ Report and Auditors’ Report at least 21 clear days before the Annual General Meeting.

In case the AGM is called on the shorter notice then above mentioned documents shall be circulated on such shorter period.

For holding of the AGM on shorter notice companies need to take the proper approvals as per the Act.
14. Annual Form Rule 12A DIR-3 KYC

KYC of Directors: All the Directors of the Company shall file this form on or before 30th September every year.

 
QUARTER – III – OCTOBER TO DECEMBER
15. E- Forms- Annual Form 137 E-form:

 

AOC-4

Financial Statement: Company is required to file its Balance Sheet along with the Statement of Profit and Loss Account, Cash flow statement, Directors’ Report and Auditors’ Report in this form within 30 days of holding of the Annual General Meeting.
Attachment:

Balance Sheet, Statement of Profit & Loss Account, Cash Flow Statement, Directors’ Report, Auditors’ Report and the Notice of  the AGM.
16. E- Forms Filing Requirements

 

Annual Form

 92 E-form:

 

MGT-7

Annual Return: Every Company will file its Annual Return within 60 days of holding of the Annual General Meeting.

Annual Return will be for the period from 1st April to 31st March.

Annual Return of Every Public Company should be signed by a Company Secretary in Practice
17. Certification of Annual Return 92 MGT-8

Public Company having paid up share capital of 10 Crore or more or turnover of Rs. 50 crore or more shall be certified by a Company Secretary in Practice.
QUARTER – IV – JANUARY TO MARCH

There is no mandatory compliance for this quarter.
18. Board Meetings 173 &

SS-I

 Every Company shall hold a minimum number of FOUR meetings of its Board of Directors every year in such a manner that maximum gap between two meetings should not be more than 120 (One hundred twenty) days.
19. Maintenance of Statutory Registers 88 and other sections Company will maintain the following mandatory Registers:

·       Register of Director,

·       Registers of Director Shareholding,

·       Registers of Members

·        Registers of Transfer

Registers of Related Party transaction etc
20. Appointment of Auditor 139 E-form

ADT-1

The Auditor will be appointed for 5 (Five) years and form ADT-1 will be filed for a 5-year appointment within 15 days of the Annual General Meeting.

Above mentioned 20 (Twenty) Compliance are mandatory annual compliance for the Nidhi Company.

Except above 20 (Twenty), there may be event-based compliance for the Nidhi Company.

Every Nidhi shall within ninety days from the close of the first financial year after its incorporation and where applicable, the second financial year, file a return of statutory compliance in Form NDH-1.

 

(Author – CS Divesh Goyal, GOYAL DIVESH & ASSOCIATES Company Secretary in Practice based in Delhi and can be contacted at csdiveshgoyal@gmail.com).

Disclaimer: The entire contents of this document have been prepared on the basis of relevant provisionsand as per the information existing at the time of thepreparation. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, I assume no responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a professional advice and is subject to change without notice. I assume no responsibility for the consequences of use of such information.

IN NO EVENT SHALL I SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM, ARISING OUT OF OR IN CONNECTION WITH THE USE OF THE INFORMATION

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